New Fortress Energy (NASDAQ:NFE) Trading 6.1% Higher – What’s Next?

Shares of New Fortress Energy Inc. (NASDAQ:NFE) traded up 6.1% during mid-day trading on Thursday . The company traded as high as $15.78 and last traded at $15.82. 1,398,996 shares were traded during trading, a decline of 67% from the average session volume of 4,177,240 shares. The stock had previously closed at $14.91.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Morgan Stanley cut shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $35.00 to $15.00 in a research note on Thursday, October 3rd. Deutsche Bank Aktiengesellschaft raised shares of New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 price objective for the company in a research note on Wednesday, December 4th. Finally, Stifel Nicolaus raised their price objective on shares of New Fortress Energy from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, December 23rd. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, New Fortress Energy currently has a consensus rating of “Hold” and an average price target of $15.40.

New Fortress Energy Price Performance

The stock has a market capitalization of $4.10 billion, a PE ratio of 17.90 and a beta of 1.50. The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06. The company’s 50 day simple moving average is $12.48 and its 200 day simple moving average is $13.08.

Institutional Trading of New Fortress Energy

Several hedge funds and other institutional investors have recently bought and sold shares of NFE. Primecap Management Co. CA grew its stake in New Fortress Energy by 43.7% in the 3rd quarter. Primecap Management Co. CA now owns 11,532,105 shares of the company’s stock worth $104,827,000 after acquiring an additional 3,505,975 shares during the period. American Assets Capital Advisers LLC grew its stake in New Fortress Energy by 105.7% in the 3rd quarter. American Assets Capital Advisers LLC now owns 1,555,767 shares of the company’s stock worth $14,968,000 after acquiring an additional 799,280 shares during the period. HITE Hedge Asset Management LLC grew its stake in New Fortress Energy by 24.1% in the 2nd quarter. HITE Hedge Asset Management LLC now owns 3,192,129 shares of the company’s stock worth $70,163,000 after acquiring an additional 619,621 shares during the period. Encompass Capital Advisors LLC grew its stake in shares of New Fortress Energy by 9.0% during the 2nd quarter. Encompass Capital Advisors LLC now owns 4,797,308 shares of the company’s stock valued at $105,445,000 after buying an additional 395,740 shares during the period. Finally, Holocene Advisors LP grew its stake in shares of New Fortress Energy by 107.2% during the 3rd quarter. Holocene Advisors LP now owns 389,698 shares of the company’s stock valued at $3,542,000 after buying an additional 201,649 shares during the period. 58.61% of the stock is owned by hedge funds and other institutional investors.

About New Fortress Energy

New Fortress Energy Inc operates as an integrated gas-to-power energy infrastructure company that provides energy and development services to end-users worldwide. The company operates in two segments, Terminals and Infrastructure, and Ships. The Terminals and Infrastructure segment engages in the natural gas procurement and liquefaction; and shipping, logistics, facilities and conversion, or development of natural gas-fired power generation.